Free economic zone
Designation of free economic zones
- Free economic zones are areas formed to improve the management environment for foreign companies and the living environment for foreigners. They are designated by the Ministry of Trade, Industry and Energy through a deliberation by the Free Economic Zone Committee (Subparagraph 1 of Article 2 and Article 4 (4) of the Special Act on Designation and Management of Free Economic Zones).
Support for free economic zones
Support for free economic zones
- The main contents of support for foreign-invested companies moving into free economic zones under the Special Act on the Designation and Management of Free Economic Zones are as follows.
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Support type
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Relevant statutory provisions
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Reduction of state and public properties user fees and loan fees
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Article 16 (4) of the Special Act on the Designation and Management of Free Economic Zones
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Permission for free contracts, such as permission to use state and public properties
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Article 16 (5) of the Special Act on the Designation and Management of Free Economic Zones
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Reduction of national tax and local tax
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Article 16 (1) of the Special Act on the Designation and Management of Free Economic Zones
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Tariff exemption
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Article 121-3 of the Act On Restriction Of Special Taxation
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Providing foreign language services
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Article 20 of the Special Act on the Designation and Management of Free Economic Zones
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Using means of external payment of current transactions
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Article 21 of the Special Act on the Designation and Management of Free Economic Zones
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Support for foreign educational institutions
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Article 22 of the Special Act on the Designation and Management of Free Economic Zones
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Opening of foreign medical institutions or foreigner-only pharmacies
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Article 23 of the Special Act on the Designation and Management of Free Economic Zones
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Retransmitting of foreign broadcasts
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Article 24 of the Special Act on the Designation and Management of Free Economic Zones
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Operation of an organization exclusively for civil petitions treatment
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Article 27-2 of the Special Act on the Designation and Management of Free Economic Zones
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Ombudsman for foreign investment
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Article 28 (1) of the Special Act on the Designation and Management of Free Economic Zones
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Commercial dispute arbitration office
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Article 28 (2) of the Special Act on the Designation and Management of Free Economic Zones
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